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    Technical analysis of EUR/USD for February 22, 2016 2016-02-22

    1456135853_EURUSDH1.png

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    Overview:

    • On the one-hour chart, the EUR/USD pair continues moving in a bearish trend from the resistance level of 1.1149.
    • Currently, the price is in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
    • The bias remains bearish in the nearest term testing 1.1047 and 1.0965. Immediate resistance is seen around 1.1149 levels, which coincides with the weekly pivot.
    • Moreover, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 1.1100. So it will be good to sell at 1.1100 with the first target of 1.1047.
    • It will also call for a downtrend in order to continue towards 1.0965. The strong weekly support is seen at 1.0965.
    • However, if a breakout happens at the resistance level of 1.1149, then this scenario may be invalidated.
  • Currently, the price is in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
  • The bias remains bearish in the nearest term testing 1.1047 and 1.0965. Immediate resistance is seen around 1.1149 levels, which coincides with the weekly pivot.
  • Moreover, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 1.1100. So it will be good to sell at 1.1100 with the first target of 1.1047.
  • It will also call for a downtrend in order to continue towards 1.0965. The strong weekly support is seen at 1.0965.
  • However, if a breakout happens at the resistance level of 1.1149, then this scenario may be invalidated.
  • Weekly technical levels:

    • R3: 1.1415
    • R2: 1.1333
    • R1: 1.1231
    • PP: 1.1149
    • S1: 1.1047
    • S2: 1.0965
    • S3: 1.0863
  • R2: 1.1333
  • R1: 1.1231
  • PP: 1.1149
  • S1: 1.1047
  • S2: 1.0965
  • S3: 1.0863

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